Now, I only play very occasionally, and in fact, more piano than clarinet or sax.
ALAN GREENSPANWhatever you tax you get less of.
More Alan Greenspan Quotes
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If we are to remain preeminent in transforming knowledge into economic value, America’s system of higher education must remain the world’s leader in generating scientific and technological breakthrough, and in meeting the challenge to educate workers.
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Senator, if I seem clear to you, you must have misunderstood me’.
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Derivatives have permitted the unbundling of financial risks.
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I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
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I love facts and figures. It’s like following a detective story, piecing together what’s going on in the economy.
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Given our inevitably incomplete knowledge about key structural aspects of our ever-changing economy and the sometimes asymmetric costs or benefits of particular outcomes, a central bank.
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We cannot rule out a situation in which a preemptive policy tightening becomes necessary.
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Gold, unlike all other commodities, is a currency…and the major thrust in the demand for gold is not for jewelry.
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There is nothing to guarantee the superior judgment, knowledge, and integrity of an inspector or a bureaucrat-and the deadly consequences of entrusting him with arbitrary power are obvious.
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The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casualties in your wake.
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It signals problems with respect to currency markets. Central banks should pay attention to it.
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There is no evidence that the business cycle has been repealed.
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We ought to be opening up our borders to skilled labour from all parts of the world because [the state of the world is as follows: ].
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And the percentage changes in wage rates would be the same for all job grades.
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I didn’t believe in absolutes, moral or otherwise. If I couldn’t prove a proposition with facts and figures, it was without merit.
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It’s hard to overemphasize how important Ford’s deregulation was. True, most of the benefits took years to unfold-rail freight rates, for example hardly budged at first.
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You can’t have the capitalist system if an increasing number of people think it is unjust.
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Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.
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I must say, I never expected to see the day where I would be talking about anything other than reducing the debt, I’m running into the tyranny of zero, which is where you can’t reduce (the debt) any more
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What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn’t be taking it to those who are willing to and are capable of doing so.
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The very nature of finance is that it cannot be profitable unless it is significantly leveraged… and as long as there is debt, there can be failure and contagion.
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It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum.
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Indeed, better risk management may be the only truly necessary element of success in banking.
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The more flexible an economy, the greater its ability to self-correct in response to inevitable, often unanticipated, disturbances and thus to contain the size and consequences of cyclical imbalances.
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The Iraq War is largely about oil.
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If I say something which you understand fully in this regard, I probably made a mistake.
ALAN GREENSPAN